APRA Releases FAQs on Development of Prudential Standard SPS 515

ByRegulatory News

July 11, 2019

APRA released three frequently asked questions (FAQs) on the development of Prudential Standard Strategic Planning and Member Outcomes (SPS 515) and the introduction of an annual outcomes assessment resulting from recent legislative changes to the the Superannuation Industry (Supervision) Act 1993. The FAQs focus on the APRA expectations for registrable superannuation entity licensees undertaking the first annual outcomes assessment and the timeline for finalizing SPS 515 and engaging with these superannuation licensees on its implementation. APRA plans to release the final SPS 515 and supporting prudential guidance in the third quarter of 2019. Given that the key elements of SPS 515 are likely to remain largely unchanged, APRA expects to maintain the standard's current effective date of January 01, 2020.